Dem. spat delays mortgage relief bill in House

[spearmint]

You are right. I am very confused. I don't know which is which any more - or what the bailout is for homeowners other than the Chapter 13 BK modification.

Here's my situation. Perhaps someone can tell me if I qualify for any help under the new bill(s). I have lived in my condo for 11 years. Four years ago it was worth $185K. It is now worth about $130K. I owe $153K. I would have owed less but I had to refinance three years ago after a long spell of unemployment. Unfortunately, my credit was bad at the time and I got an ARM. It readjusted last March. I now owe about $6K to the mortgage company and I received a letter of foreclosure two weeks ago. I am considering Chapter 13 (and will probably have to do it) because I have another debt that can't be discharged.

I've been working with NACA and the sent over a loan mod to Chase on Feb 6 - before I received the foreclosure notice. Chase said right up until today that they didn't get it. In fact, NACA resubmitted it yesterday. When I called Chase today to see if they would accept my next mortgage payment (and they won't) the man I spoke with told me they got it on Feb 9. He also told me that it doesn't show as an active mod because there is insufficient information there. Now NACA processes thousands of these loan mods for Chase and all the other mortgage companies so I am sure they know what they are doing.

Every time I call Chase they just about beg me to work with them directly, I am sure any mod they work out will not be as good as the one NACA worked out so I am trying to hold on BUT I don't want to hold on long enough to lose my home. The auction date is March 18. I am desperately waiting for the government to pass these new bills so I can get some help.

Do you think I would qualify?

Do you think I will qualify for any help?

[myhearts07]

So, HHM where is that bailout provision found? I would like to read about it. Is this Help for Homeowners bcuz that will not help anyone if they refinanced their mortgage after Jan 1, 2008. Do you have a website?

thanks
Hearts

[eddiep]

hi spearmint
I was wondering how you are making out with NACA and CW. I found out two days ago that BoA is not going to accept NACA's proposal. Back to square one and scared to death! Did you ask CW what they are offering?

[spearmint]

hi spearmint
I was wondering how you are making out with NACA and CW. I found out two days ago that BoA is not going to accept NACA's proposal. Back to square one and scared to death! Did you ask CW what they are offering?

I am getting the royal run-around from Chase. For the last week they have told me that they did not receive the modification proposal sent to them by NACA BUT just yesterday someone in loss mitigation said he sees it in the system but they are not doing anything with it. I asked why. He said it was insufficient data. I asked if Chase had contacted NACA to get more information. He said no! They just lost me three weeks!!!!!

He then urged me to send them bank statements and paystubs myself and work directly with them.

I have emailed the White House - the president! If they don't know what these banks are doing, they need to know.

I just don't know what else to do. My auction date is mid-March.

[eddiep]

I sent emails to all the ex at BoA last week and at the time wanted to send an email to Obama too! Can you give me his email address?

[eddiep]

Why not send in the information that Chase asked for? Not trying to stick my nose in, but I was thinking, if Obama's plan works out and can help you it may be in your best interest to have the information in with chase and let the president tell them how to do it. They are going to have to go by the guidelines set up by the president to get any money. Maybe then they will do what they should have been doing all along. I mean if they are going to get paid to modify your mortgage, they will have some motivation to do it. Good Luck! I have you in my prayers!

[spearmint]

I sent emails to all the ex at BoA last week and at the time wanted to send an email to Obama too! Can you give me his email address?

I don't have his email address but what I did was to go to -

http://www.whitehouse.gov

and click on "Contact".

It asks for your name, phone, etc. and then there's a comment box. I wrote out my narrative first and copied it into the box and then clicked on submit.

[eddiep]

Thank you!

[spearmint]

You are very welcome. Let us know if you hear back. I will do the same.

[fltoo]

Campaigning is over! LOL

[hereforinfo]

[QUOTE=Overmylimit;249543]And they mentioned "whats the benefit to the neighbor who struggles to pay his bills" this sentence right here is what is wrong with our country today....everybody expects something, everybody always wants a benefit for themselves, why does it have to benefit everyone. There have been lots of bills passed that never benefit me so why does this one have to benefit all?
QUOTE]

The point is that there would be no incentive to work hard, pay your bills and bail yourself out if you can just have a judge write off a chunk of your principle balance. In fact, this or any type of principal write-down would only provide an incentive for more people to stop paying their mortgage if they're upside down. It's not the banks who will "eat some of this." It's the rest of us.

[Overmylimit]

[
The point is that there would be no incentive to work hard, pay your bills and bail yourself out if you can just have a judge write off a chunk of your principle balance. In fact, this or any type of principal write-down would only provide an incentive for more people to stop paying their mortgage if they're upside down. It's not the banks who will "eat some of this." It's the rest of us.[/QUOTE]


I see your point and I would be one of the "rest of us" however I dont think just because they are upside down on their loan they could file BK, I don't think it would be as easy as that. Also most won't believe it but it's gonna happen across the board whether people want it to or not. It's going to get a lot worse before it gets better. So the way I see it is try to do whatever it takes to keep them in the home or we are going to have a problem that probably will be our undoing. Also people will still work hard, I know I will and for those who take advantage they will be out of the picture for 7-10 years so who knows..bottom line if it passes or not there will always be people who take advantage and people it would truly help, just like anything else.